Pavilion Capital, which is wholly-owned and funded by Temasek, will join Seviora Group, also a wholly-owned subsidiary of Temasek in building an Asia-based asset management group.
The merged entity will raise Seviora’s combined assets under management (AUM) to US$72 billion ($94 billion) from US$63 billion as at Sept 30.
According to the joint release dated Nov 26, the integrated platform will be well-positioned to tap into global demand for growth opportunities in Asia. With Pavilion Capital’s track record in the Asian private equity space, the integration will help Seviora expand its investment capabilities with expertise in Asia-based private equity fund of funds, the release adds.
Following the integration, Pavilion Capital will retain its brand and keep its pan-Asia investment strategy while marketing its products under the Seviora Group.
Tow Heng Tan, CEO of Pavilion Capital, will support the integration before retiring on March 31, 2026. The combined platform will report to Seviora Holdings’ executive director and CEO Gabriel Lim.
With Pavilion Capital’s track record in the Asian private equity space, the integration will help Seviora expand its investment capabilities with expertise in Asia-based private equity fund of funds, says the joint release dated Nov 26.
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Ho Tian Yee, chairman of Pavilion Capital, said it was “gratifying” to see the fund become an “important addition” to Seviora's asset management franchise. At the same time, he also acknowledged Tow’s leadership and the team’s efforts over the past 13 years.
To Tow, serving as the founding CEO of Pavilion Capital was a “privilege”. In addition to thanking the team for their work, Tow expressed confidence that the fund will continue to thrive under Lim’s leadership.
Lim noted that the integration reinforced Seviora’s ambition to become Asia’s leading asset management group.
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“As Temasek’s primary asset management platform, we will continue to scale our capital base and broaden our investment solutions across private equity, private credit, public markets, and tailored financing options to meet the evolving needs of our partners,” he says.
“I would also like to extend our sincere appreciation to Tow Heng Tan and the Pavilion Capital Board for their steadfast leadership and guidance, which have shaped Pavilion Capital’s strong track record and positioned the platform for its next phase of growth,” he adds.
The proposed integration is expected to be completed by 1Q2026.
